The company is the legacy of late television icon Dick Clark, who used his "American Bandstand" music show to catapult his own career as a media mogul. Wang's Dalian Wanda Group owns U.S. theater chain AMC and movie maker Legendary Entertainment, while DCP stages the Golden Globe and American Music Awards shows.

"Dick Clark Productions and Beijing Wanda Culture Industry Group Co., Ltd., have agreed to enter into exclusive talks with the shared goal of finalizing a mutually satisfactory transaction," a spokesperson for Eldridge Industries said in a statement to CNBC. "DCP is controlled by Eldridge Industries which announced last month that it was conducting a strategic review of its media holdings."

The Journal said the talks are in their early stages, and may yet fall through. A competing bidder could also enter the fray, the publication said.